Experts have warned that Trump’s tariffs, which he’s said could also include a 10 percent tariff on all foreign goods, could send domestic inflation through the roof and trigger trade wars abroad. For private sector leaders, the cost of doing business would likely rise—increases which would then probably be passed down to consumers, too.

Trump threatened tariffs of as much as 60% on China during his campaign, but appeared to temper his plans after a phone call last week with Chinese President Xi Jinping. He said Monday there would be more discussions with his counterpart in the world’s second largest economy.